Heta Ad Hoc creditor group makes counter-proposal

December 10, 2015 8:22 AM

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VIENNA Dec 10 The Ad Hoc group of creditors of Austrian "bad bank" Heta made a proposal on Thursday to Heta's home province of Carinthia, pre-empting an expected offer by Carinthia to buy back Heta bonds from creditors at a discount.

The Ad Hoc group, which has said it represents 2.5 billion euros ($2.75 billion) in claims and includes Germany's Commerzbank, said in a presentation sent by email that it was willing to restructure its claims, although it did not immediately provide details.